Canadian Gold Corp.: Phase 2 Drill Program Begins at the Tartan Mine

Rhea-AI Summary

Canadian Gold Corp. (TSXV: CGC) announces Phase 2 drilling program at Tartan Mine in Flin Flon-Snow Lake Greenstone belt, Manitoba. The program aims to test gold mineralization continuity within the Main Zone and expand high-grade mineralization, with a minimum of 2,500 meters of drilling planned.

Positive

• The phase 1 drilling program extended the MZ 325 m below the lower limit of the current mineral resource estimate and increased the vertical extent of the gold mineralization by 61%.
• Hole TLMZ23-26 intersected the widest zone of continuous gold mineralization at the Tartan Mine, indicating the potential for a larger discovery at depth below the current resource estimate.

Negative

• None.

Toronto, Ontario--(Newsfile Corp. - November 8, 2023) - Canadian Gold Corp. (TSXV: CGC) ("Canadian Gold" or the "Company") is pleased to announce the commencement of its Phase 2 drilling program at the Company's 100% held Tartan Mine in the prolific Flin Flon-Snow Lake Greenstone belt, Manitoba.

The phase 2 drill program is currently underway and anticipated to occur over the next several months with a minimum of 2,500 metres of drilling planned. The objective of the program is to further test the continuity of gold mineralization within the Main Zone "MZ" to establish its potential size for resource estimation and mine planning purposes. The phase 1 drilling program conducted earlier this year successfully extended the MZ 325 m below the lower limit of the current mineral resource estimate, and increased the vertical extent of the gold mineralization by 61%¹.

The MZ mineralization remains open for expansion, and the primary objective of this phase 2 drill program is to target the extension of high-grade mineralization around drill holes TLMZ23-26 and TLMZ21-12 (see Figure 1) by wedging from existing drill holes to reduce overall costs.

TLMZ23-26 (Target 1) - Hole TLMZ23-26 intersected the widest zone of continuous gold mineralization at the Tartan Mine, and returned 12.0 gpt gold over 8.0 m within 4.2 gpt gold over 53.7 m (see News Release August 23, 2023). This intersection is the deepest drilled on the MZ and has indicated the potential for a larger discovery at depth below the current resource estimate. The phase 2 drilling will test east and below this intersection which remains open for meaningful expansion (see Figure 1).

TLMZ21-12 (Target 2) - Hole TLMZ21-12 intersected a hanging wall zone "HWZ" that returned 23.8 gpt gold over 12.6 m including 47.6 gpt gold over 5.8 m (see News Release December 6, 2021). The phase 2 drilling will test the high-grade mineralization to the west and at depth with the use of directional drilling (see Figure 1).

¹Indicated mineral resource of 1,180,000 tonnes at 6.3 gpt gold for 240 koz gold and inferred mineral resource of 240,000 tonnes at 4.9 gpt gold for 37 koz gold, both using a 3 gpt gold cutoff (Tartan NI 43-101 Technical Report authored by Mining Plus, April 2017, www.sedarplus.ca).

Figure 1: Main Zone long section illustrating Phase II drill targets.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3276/186680_2c739e90b4256837_002full.jpg

For Further Information, Please Contact:

Ed Huebert
Chief Executive Officer
Canadian Gold Corp.
(204) 771-2180
ehuebert@mymts.net

Jennifer Boyle
Director
Canadian Gold Corp.
(416) 904-2714
jennifer@capexgroupinc.com

Qualified Person

The scientific and technical information disclosed in this news release was reviewed and approved by Wesley Whymark, P. Geo., Consulting Geologist for the company, and a Qualified Person as defined under National Instrument 43-101.

About Canadian Gold Corp.

Canadian Gold Corp. is a Toronto-based mineral exploration and development company whose objective is to expand the high-grade gold resource at the past producing Tartan Mine, located in Flin Flon, Manitoba. The Company holds a 100% interest in greenfields exploration properties in Ontario and Quebec adjacent to some of Canada's largest gold mines and development projects, specifically, the Canadian Malartic Mine (QC), the Hemlo Mine (ON) and Hammond Reef Project (ON). The Company is 38.8% owned by Robert McEwen, who was the founder and CEO of Goldcorp and is Chairman and CEO of McEwen Mining.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This news release of Company contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Canadian Gold's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/186680

FAQ

What is Canadian Gold Corp. (TSXV: CGC) announcing?

Canadian Gold Corp. (TSXV: CGC) is announcing the commencement of its Phase 2 drilling program at the Company's 100% held Tartan Mine in Manitoba.

What is the objective of the phase 2 drilling program?

The objective is to further test the continuity of gold mineralization within the Main Zone 'MZ' to establish its potential size for resource estimation and mine planning purposes.

Who is the Qualified Person for the company?

The scientific and technical information disclosed in this news release was reviewed and approved by Wesley Whymark, P. Geo., Consulting Geologist for the company, and a Qualified Person as defined under National Instrument 43-101.